Zinger Key Points
- Bitcoin stays flat despite Trump's 'Liberation Day' tariffs, testing key support at $76,600.
- Peter Schiff slams Bitcoin as "digital risk," questioning its role as a store of value.
- Learn how to trade volatility during Q1 earnings season, live with Matt Maley on Wednesday, April 2 at 6 PM ET. Register for free now.
Bitcoin BTC/USD investors braced for volatility ahead of what the White House dubbed “Liberation Day," but the much-hyped event proved more bark than bite.
While President Donald Trump's tariff announcement rattled equity markets, Bitcoin stayed broadly flat, defying the usual correlation with stocks.
‘Just Noise’ Or A Bigger Shift?
Gadi Chait, Investment Manager at Xapo Bank, sees the pre-market dip seen in Bitcoin price as nothing more than market jitters. "Bitcoin investors have been bracing for today's announcement, so a price drop comes as no surprise. These price swings may rattle speculators, but ultimately, this is just noise. Bitcoin has always been and always will be a long-term play," he said.
Still, Bitcoin's price range tells a different story. Over the past few weeks, BTC has traded between $76,600 and $94,500, with today's dip testing the lower bound of that range. According to Chait, a decisive break below $76,600 could signal a meaningful shift in sentiment. If not, it's just another day in crypto.
Read Also: Trump Family-Backed Bitcoin Mining Firm Could See A Public Listing In The Future
Schiff Calls Bitcoin ‘Digital Risk'
Peter Schiff, Bitcoin's eternal critic, took the opportunity to renew his attacks on the asset, slamming its "digital gold" narrative.
"Bitcoin is crashing harder than stocks, yet people still call it ‘digital gold.' But if it were truly digital gold, wouldn't it act more like gold?" he posted on X.
Schiff argues that Bitcoin behaves more like a high-risk tech stock than a stable store of value, questioning its place in any strategic reserve.
What’s Next?
With U.S. tariffs expected to fuel inflationary fears, Bitcoin's next move hinges on whether investors see it as a hedge or just another speculative asset. For now, the market remains in limbo, watching whether Bitcoin clings to its range or faces a fresh wave of selling pressure.
As Chait puts it, "We've been here before, and we'll likely be here again. Bitcoin's long-term trajectory remains undeniable."
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